Why Twilio, Snowflake, and Appian Shares Plunged Today
Shares of enterprise software companies Twilio (NYSE: TWLO), Snowflake (NYSE: SNOW), and Appian (NASDAQ: APPN) fell hard again Monday, down 6.3%, 9.3%, and 6.5%, respectively, as of 3:44 p.m. EDT.
There wasn't much in the way of news for any of these three companies today. But one of their cloud-based peers plunged over 25% on news its CEO was stepping down. In addition, long-term bond yields remained high. The longer that remains the case, the more difficult it will be for more high-multiple software stocks without profits to move higher.
On Monday, cloud-based service-center software company Five9 (NASDAQ: FIVN) plunged over 25%, after CEO Rowan Trollope announced he would be resigning for another role at a pre-IPO tech company. Chairman and former CEO Mike Burkland will be stepping into the role. What's curious is that Five9 also previewed third-quarter earnings results along with the announcement, and those results actually came in ahead of its prior guidance both for revenue and earnings.
Source Fool.com
